The Hon'ble Union Minister of State for Commerce and Industry Shri C R Chaudhary and Shri V D Aggarwal (Chairman from Abhipra Capital Ltd.) released a Quick Referencer Book on Goods & Service Tax (GST) at International Conference on PAPEREX (1st November 2017), Pragati Maidan, New Delhi.
Message from Shri V D Aggarwal
Dear Friends,
GST – A Game Changer Revolutionary Tax Reform will yield greater revenues and accelerate economic growth for the country.
However, our political system appears to be so immature that nobody is bothered to take cognizance of this realty whether in treasury benches or in opposition. This legislature which was pending for around two decades could able be enacted in 2017 and for the implementation, there is hue and cry rather than advising corrective measures with positive thoughts to implement particularly in the circumstances when all the decisions of GST council were taken unanimously with the representative of all the political parties and State Governments.
GST replaces 17 different central and state taxes, including services tax, value-added tax, octroi, duties and other charges, except Customs levy.
A. Transparency due to digitalization
Now tax payer is knowing that how much GST is contributing to national exchequer and it will promote booked transactions. Moreover the habitants are also more tech savvy and currently India has between 300-400 million smartphone users. The implementation of Goods and Services Tax, coupled with a digital economy will help Indian economy to look much cleaner and bigger. After implementation of GST, there will be very little interface between the tax payer and tax authorities. It will also curb the corruption.
B. Reduction in cost to end-user
Earlier the taxes were part of cost of product but now it is recoverable from consumer hence the cost will be reduced and people at large shall be benefitted. Government is doing needful in this direction. On an average the cost should be reduced by 10% to 12%.Contd...
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For example Table Product on which Tax Burden Comes down
C. Simplification in compliance – Ease to compliances
There is hue and cry against compliances even the main opposition party has also opposed it strongly. The filing of return is nothing but it is only the data of purchase and sale of the tax payer and reconciliation of invoices. In earlier tax regime, there were multiple of taxes including central taxes such as service tax and excise duties, and state taxes, such as octroi, entry tax, VAT etc. and where businessman had to pay taxes on all and to do too much compliance as compare to GST. Under old regime one has to file more than 100 returns as compare to 37 in the current regime. The present system is online hence will not require to deal with government officials in person which will make system more effective. Before demat regime, in equities no were going to believe that in India paper less trading in stock market is possible but with efforts of SEBI and other it become a reality and country and investor have gained a lot.
D. More liquidity to taxpayer
This will give strength to business houses by way of fast recovery and also quick refund and input credit mechanism.
E. Elimination of contingent liability and fast settlement of dispute.
Earlier on non-receiving of statutory forms like c forms etc. a huge contingent liability was used to be created which will be eliminated .
F. GSTN Portal
Goods and Services Tax Network (GSTN), a special purpose vehicle (SPV), is a robust IT backbone and portal to enable real-time taxpayer registration, filing returns, handle invoices, and connect states for two-way data flow.
Outcome
I. Shift from Unorganized to Organized and Informal to Formal
GST has come as a level playing field between unorganized and organized players as it has helped to bridge the price difference between the two Sectors where the unorganized segment are more:-
II. Success
In spite of transitional period, The results are very much encouraging in collection of revenue as under;-
III. GST alone can add 1.5-2% to GDP growth
With the introduction of GST the economy of the country will not only increase but it will jump being all unaccounted transactions will have to shift in formal economy.
The collection of direct taxes is also on increasing side and now net direct tax receipts in the first half of the current financial year (FY 2017-18) touched two fifth of the budgeted Rs 9.8 trillion target and maintained a robust growth rate of 15.8%. Prior to adjusting for refunds, gross direct tax receipts during the April-September 2017 period stood at Rs4.66 trillion, showing a growth of 10.3% from a year ago. The tax department has issued refunds of Rs79,660 crore so far in this financial year.
GST Awareness Held Desk at International Conference on PAPEREX (1st to 4th November 2017), Pragati Maidan, New Delhi by Abhipra Capital Ltd. in association with FPTA.
Tax Dossier - GST Notifications
GST Return Filing Due Date
GST panel may lower 28 per cent rate on several items
The GST Council this week may approve lowering of the tax rates on a number of goods, including handmade furniture, bath fittings, plastic products and items of daily use like shampoo and soaps, which will give relief to the common man as well as businesses. (Source :The Asian Age)
New Facility - GSTN launches new facility for exporters to claim refunds
For faster processing of Refunds, wef Aug Exporters can fill details of exports in table 6A separately on GST portal even before filing GSTR1.
The shipping bill filed by an exporter with customs authorities is considered to be an application for refund of integrated tax paid on the goods exported out of India. Table 6A of Form GSTR1 enables taxpayers to file export related data for the tax period so that refund of that tax- period may be processed on the basis of the declaration made under Form GSTR 3B and Table 6A of GSTR 1.
GST - News Update
The GST Council has set up a new advisory group that includes industry representatives to look into input credit apart from place of supply and valuation provisions. (Source :ET)
DVAT Update
Delhi VAT require all the dealers who were registered under the said act to submit details of closing stock as was held by them on 31st March 2017 and 30th June 2017 online on the website www.dvat.gov.in. latest by 15th Nov. 2017. (Notification 987 dt 27.Oct.2017).
NPS Update
Maximum age of joining National Pension System (NPS) increased from the existing 60 years to 65
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Income Tax Update
⦁ CBDT has launched an online chat service for income taxpayers to enable them to seek answers to their queries relating to direct tax issues. "Live Chat" window from Monday to Friday between 10 a.m and 5 p.m.
⦁ CBDT releases draft amendments to rules relating to the registration of religious and charitable trusts as per changes in the I-T Act brought through the Finance Act of 2017 They will need to seek fresh registration under a new format announced.
⦁ CBDT has issued Clarification related to guidelines for establishing 'Place of Effective Management' (PoEM) in India. PoEM is being used for deciding residency status of a company other than an Indian Company.
Mr. Gautam Kumar
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